Broker EC Markets has appointed Omar Qumuq as its new Managing Director.
Qumuq will be based in the brokerage firm’s Dubai office.
The company acquired a Category 5 license from the Securities and Commodities Authority (SCA) in June of this year.
Popular with FX/CFD brokers, a Category 5 license allows a firm to market its products and services in the UAE by acting like an introducer.
Traders that sign up with the firm are not onboarded to a local entity but instead to an affiliated offshore one.
Prior to joining EC Markets, Qumuq was at Doo Group for almost two years. He joined the company as MENA Sales Director and was made Head of MENA at the start of this year.
Before moving to Doo, Qumuq worked at rival brand Startrader for just over two years, where he was also a Sales Director.
Qumuq also spent just over a year at Multibank, working in the broker’s office in the UAE.
EC Markets has been making a big push to expand globally over the last couple of years. The company is one of only a handful of players to have made an effort to grow in the UK market.
On top of that, the firm has also looked to grow in the Middle East and Latin America.
Historically the company has done most of its business in East Asian markets.
